IMPREGILO INTERNATIONAL INFRASTRUCTURES N.V.

Company’s history with major events

2012

  • During the year, following an Issuer’s redemption event, the company redeemed partially the floating rate bonds for an amount of Euro 37.5 million.
  • During the year the Company concluded the partial sale of its investment in Ecorodovias infrastrutura e Logistica S.A. The transaction was done in two tranches: 3.74% to Banco BTG Pactual and 19% to Primav Construcaos; from the sale of this stakes the Company collected a consideration of Euro 111.069 million and Euro 619.85 million respectively.
  • Following the partial sale of Ecorodovias, the Board of Directors of Impregilo International Infrastructures N.V. declared an interim Dividend of Euro 900 million in favor of the sole Shareholder Impregilo SpA.


2011

  • During the year Impregilo International Infrastructures N.V. transferred Approx Euro 211.48 million in favor of the sole Shareholder Impregilo SpA, thereby repaying all the financial outstanding payable of Euro 154.77 million. As at year end Impregilo International Infrastructures N.V. had a receivable position of Euro 56.49 million.
  • During the year the company received approx. Euro 35.6 million as dividends from its subsidiary Ecorodovias in Brazil.
  • Company’s subsidiary Fisia Babcock has won an important contract in Industrial gas cleaning in Germany and Waste incineration plant in China.

2010 

  • Impregilo International Infrastructures N.V. signed an agreement with Province of Cordoba for sale and debt restructuring of Caminos De las Sierras following very rigorous negotiations. Impregilo International Infrastructures N.V. will receive approx USD 76 million plus interest over a period of 87 months. During year Impregilo International Infrastructures N.V.  started collecting the relevant monthly installments on a regular basis. 
  • Supreme Court of Cassation ordered annulment of preventive seizure in connection with investigation in waste disposal in the region of Campania in which Impregilo International Infrastructures N.V.’s investment Fibe SpA is involved. Thereby annulling seizure of Approx 150 million Euro.
  • Impregilo International Infrastructures N.V. sold its participation in Mediterranea delle Acque for a total value of Euro 11.75 million.
  • Impregilo International Infrastructures N.V. issued Bonds of face value of Euro 300 million at Luxembourg Stock Exchange.
  • Impregilo International Infrastructures N.V. purchased credit of Impregilo SpA against other group company Imprepar SpA of Euro 127 million.
  • Impregilo International Infrastructures N.V.’s subsidiary Ecorodovias Infrastructura e Logistica S.A (formerly known as Primav Ecorodovias S.A.) is listed on Brazilian Stock Exchange. 


2009 

  • Impregilo International Infrastructures N.V.'s major investment in Brazil Primav Ecorodovias SA entered in to a contract with the public transport regulating agency in the state of Sao Polo for the management of the Ayrton Senna / Carvalho Pinto motorway under concession.
  • Impregilo International Infrastructures N.V. sold its participation in Nuova Romea SpA and has recorded a capital gain of Euro 948k.

 

2008 

  • Impregilo International Infrastructures N.V. sold its entire participation in Brazilian company Ponte De Pedra Energetica S.A. for a total value eqiv. Euro 115 million. Impregilo International Infrastructures N.V. recorded a net gain of Euro 68.4 millions.
  • In order to strengthen its position in Waste to Energy sector Impregilo International Infrastructures N.V. acquired 100% shares of German Company Fisia Babcock Environment GmbH for Euro 140 million.
  • Impregilo International Infrastructures N.V. sold its participation in Chinese company Shanghai Pucheng Thermal Power Energy Co Limited, involved in Waste to Energy power generation to its newly acquired subsidiary Fisia Babcock.
  • Impregilo International Infrastructures N.V. sold the call option related to Costanera Norte S.A. for Euro 34.9 million.
  • Impregilo International Infrastructures N.V. entered in to a zero coupon funding arrangement with its subsidiary Impregilo New Cross Limited in order to cover the losses sustained by Impregilo New Cross in its joint venture in UK.
  • Impregilo International Infrastructures N.V. through its investments in Fibe SpA and Fine Campania SpA has continued to suffer due to on-going various litigations.
  • Impregilo International Infrastructures N.V.’s investment in Caminos de Las Sierras, due to its deteriorated financial and economic condition, has commenced the administrative and legal procedures thereby filing request for admission to an arrangement with creditors (Chapter 11).

 


 2007 

  • Impregilo International Infrastructures N.V.’s parent company Impregilo SpA made capital injection by waiving Euro 70 million mainly to cover the losses sustained by Impregilo International Infrastructures N.V. due to its investments in Fibe SpA, Fibe Campania SpA.
  • Impregilo International Infrastructures N.V. signed a new shareholders Agreement with its partner C.R.Almeida in Primav Ecorodovias S.A.which is valid for 5 years resulting in joint control of the company.
  • Impregilo International Infrastructures N.V. purchased further 19,000 shares of Nuova Romea SpA from Province of Padova thereby increasing its investment to 22.28%. Nuova Romea is a special purpose company to promote the project of the Cesena-Ravenna-Mestre motorway concession.
  • During the year Impregilo International Infrastructures N.V. after devaluation of its entire investment in Fibe Campania SpA has not subscribed for the new capital of that company. Thereby reducing its participation in Fibe Campania SpA to a minority.
  • Impregilo International Infrastructures  N.V. ’s investment in Yacylec 18.667% has voluntarily reduced its capital without dilution of the shares holding by Impregilo International Infrastructures N.V. 
  • During the year Impregilo International Infrastructures N.V. has received Euro 74 million from parent company Impregilo SpA for short term investment purposes.

 

2006 

  • In June Impregilo International Infrastructures N.V. sold its entire participation in Costanera Norte S.A. for total net proceeds of Euro 182.3 million. Thereby recording a net capital gain of Euro 105.1 millions.
  • Impregilo International Infrastructures N.V. sold its entire participation in Impregilo Italia Concessioni SpA to its parent company Impregilo SpA.
  • Impregilo International Infrastructures N.V. sold its participation in Contarina SpA to its other shareholder Priulia Inter Municipal Consortium.
  • During May 2006, Impregilo International Infrastructures N.V.’s investment in Acqua Italia was merged in to Mediterranea Delle Acque (listed on Italian Stock exchange). Due to this transaction the Impregilo International Infrastructures N.V.’s share in the newly merged company was reduced from 33.33% to 5.11%.
  • In October Impregilo International Infrastructures N.V. acquired 98% shares of Iglys S.A, which is a holding company owning certain investments in Argentina concessions, in order to manage the investments more efficiently.
  • Impregilo International Infrastructures N.V. re-acquired 100% shares of Impregilo New Cross Limited UK from other group company Impregilo Edilizia e Servizi for Euro 2.2 million.
  • Impregilo International Infrastructures N.V. partially sold 19.50% of its total participation of 45% in Consorcio Agua Azul SA, Peru. III NV now owns only 25.5% of the concession.
  • During the year, in light of deteriorating conditions of its investments in Campania Region, Impregilo International Infrastructures N.V.  restructuring of its investment in Fibe SpA and Fibe Campania SpA. Impregilo International Infrastructures N.V. became the major shareholder of these two companies with 99.90% shares each.
  • Impregilo International Infrastructures N.V.’s parent company Impregilo SpA made capital injection by waiving Euro 50 million mainly to cover the losses sustained by Impregilo International Infrastructures N.V. due to its investments in Fibe SpA, Fibe Campania SpA and Caminos De Las Sierras.

 


2005 

  • Impregilo International Infrastructures N.V. resolved to cover the losses sustained by its investment in Fibe SpA and replenish the share capital to Euro 21 million. Impregilo International Infrastructures N.V. waived its receivables from Fibe to cover the losses. There by making provision against the negative net equity of Fibe SpA and Fibe Campania SpA for an amount of Euro 37.59 million. Impregilo International Infrastructures  N.V. granted further loan to Fibe Campania SpA
  • Impregilo China investments N.V a wholly own Dutch subsidiary of Impregilo International Infrastructures  N.V. was merged in to Impregilo International Infrastructures N.V. Due to the merger Impregilo International Infrastructures N.V. now directly owns 50% of Shanghai Pucheng Thermal Power Energy Co Limited.
  • Impregilo International Infrastructures N.V. sold its participation in Impregilo New Cross Limited to another group company Impregilo Edilizia e Servizi SpA.
  • Impregilo International Infrastructures N.V. sold 80% of its participation in Impregilo Wolverhampton Limited to Secondary Market Infrastructure Fund thereby recording a gain of Euro 2.2 million.
  • Impregilo International Infrastructures N.V. subscribed for the capital increase in Ponte de Pedra Energetica S.A. and kept its participation in the concession to Impregilo International Infrastructures N.V. granted a loan of Euro 8 million to Ochre Solutions Holding Limited. It is a newly constituted special purpose vehicle, which holds a concession for design, construction, management and financing of the new cancer Centre at Oxford Churchill Hospital in the UK. The term of concession, based on Private Finance Initiative Scheme (PFI) is 33 years including a 28 month construction period.
  • Debenture Notes outstanding of Euro 550 million were fully repaid in May and June 2005 with the proceeds from the loan by the parent company Impregilo SpA.
  • During the year Impregilo International Infrastructures N.V.’s investments in Fibe SpA and Fibe Campania SpA were in trouble due to non allocation of the land for storage of waste in the Campania region in Italy. The existing contracts were revoked by the grantors, thereby deteriorating the financial position of these two companies further. The two concession companies recorded the losses for the year 2005 amounting to Euro 94.8 and Euro 41.9 million respectively.

 


2004 

  • Impregilo International Infrastructures N.V. sold its participation in Aereopuerto Dominicanos with a minor loss.
  • Impregilo International Infrastructures N.V. through its 100% subsidiary Impregilo China Investments, N.V. acquired 50% of the company Shanghai Pucheng Thermal Power Energy Co Limited (SPTPE). SPTPE operates in Shanghai (China) in the treatment and heat recycling of waste with an incinerator of capacity 1000 tons/day and 70 MW of installed power.
  • Impregilo International Infrastructures N.V. purchased additional 7.89% of the capital of Costanera Norte thereby increasing its participation from 70% to 77.89%.
  • Impregilo International Infrastructures N.V.’s 28.3% participation Autopistas del sol saw the final approval of restructuring therefore reducing its debt from 550 million USD to 374 million. Due to the restructuring Impregilo International Infrastructures N.V.’s share is diluted to 19.81%.
  • Impregilo International Infrastructures N.V. sold 15.9% of its share of Eniaqua Campania SpA thereby recording a gain of 2.5 million.
  • Impregilo International Infrastructures N.V. repaid debentures for total value Euro 75 million.
  • Impregilo International Infrastructures N.V. sold its participation in Road Link A69 Limited thereby realising a gain of Euro 2.7 million.
  • Impregilo International Infrastructures N.V. increased its participation in Argentina by acquiring concession company Caminos De Las Sierras by purchasing 90.51% and related loan from Impregilo SpA.
  • Impregilo International Infrastructures N.V. subscribed increase in capital of Ponte de Pedra Energetica S.A.
  • Impregilo International Infrastructures N.V. sold its participation in St Davids’ Limited. Thereby realising a gain of Euro 2.9 million

 


2003 

  • Impregilo International Infrastructures N.V. acquired 70% stake in Costanera Norte S.A. a concession related to two stretches of motorway within the city of Santiago (Chile). Expected to be operational during second half of 2004.
  • Impregilo International Infrastructures N.V. purchased 45% participation in Consorcio Agua Azul S.A. in Peru which supplies water for parts of city of Lima.
  • Impregilo International Infrastructures N.V. acquired 60% of Mercovia S.A. which manages the concession for road of approximately 16 km that links the cities of Santo Tome (Argentina) and Sao Borja (Brazil). The company also manages customs activities and the storage of goods and trucks in transit.
  • Impregilo International Infrastructures N.V. purchased from its shareholder another group company a total of 23.73% of Aguas del Gran Buenos Aires S.A in Argentina.
  • Impregilo International Infrastructures N.V.’s investment in Brazil, namely Primav Ecorodovias, has undergone an increase in capital.
  • Impregilo International Infrastructures N.V. urchased 22% share capital in Nuova Romea SpA.
  • Impregilo International Infrastructures N.V. purchased 20.10% of capital in Sistranyac S.A.
  • Impregilo International Infrastructures N.V.’s investment Fibe SpA, signed a Project Financing contract for Euro 414 million, underwritten by Banca OPI SpA and by Westlb Ag. The transaction envisaged the presence of the European Investment Bank which has already approved the project.
  • Impregilo International Infrastructures N.V. sold its participation in Gricignano SpA which recorded a gain of 340k.
  •  Impregilo International Infrastructures N.V. acquired 100% of Impregilo Parking Glasgow Limited in the UK.
  • Impregilo International Infrastructures N.V. incorporates its wholly own subsidiary in Netherlands Impregilo China Investments N.V. with share capital of Euro 1.5 million
  • Impregilo International Infrastructures N.V. redeemed three Tranches of Debenture Notes worth Euro 300 million of which Euro 75 million were with floating rate and remaining Euro 225 million were fixed rate. All of them were fully guaranteed by Impregilo International Infrastructures  N.V.’s shareholder Impregilo SpA.
  • Impregilo International Infrastructures N.V. acquires 50% of the capital of Ponte de Pedra Energetica S.A. (Brazil) from Impregilo SpA. It is involved in the construction and operation of Hydroelectric Plant of 176 MW capacity, with 130km of Transmission lines and sells the energy produced to domestic market via PPA. 
  • Impregilo International Infrastructures N.V.’s newly acquired Costanera Norte S.A. placed bonds of approx Euro 216 million in the Chilean market and completed the related Project financing agreements. The operation was awarded the “Transaction of the year in South America” status by “Project Finance International”.
  • Impregilo SpA the parent company of Impregilo International Infrastructures N.V. made a capital injection of Euro 30 millions after which Impregilo International Infrastructures N.V.  has paid up share capital of Euro 50 millions against its authorised capital of Euro 100 millions.


 

2002 

  • Impregilo International Infrastructures N.V. purchased shares of Autopistas Del Sol S.A. thereby increasing its participation in the company from 26.7% to 28.33%.
  • Impregilo International Infrastructures N.V. purchased shares in Impregilo New Cross Limited and Impregilo Wolverhampton Limited. Acquiring 100% in both companies.
  • Impregilo International Infrastructures N.V. acquired 33.33% of Acqua Italia spa and 16% of Eniacqua Campania SpA.
  • Impregilo International Infrastructures N.V. issued 2 Tranches Fixed Rate Notes due in June 2005, with a coupon rate of 7.25%, of Euro 175 million and Euro 35 million respectively.
  • Impregilo International Infrastructures N.V. issued two Tranches of Floating Rate Notes due in June 2005, with a coupon rate of 3 months Euribor + 2.5%, of Euro 125 million and Euro 15 million respectively.
  • Impregilo International Infrastructures N.V. also entered an interest rate SWAP agreement with Banca di Roma, Unicredit Banca and Intesa Bci SpA for a period of three years thereby ensuring a minimum interest payment over a total amount of Euro 140 million.
  • Shareholder Impregilo SpA contributed Euro 59.013 million into the net equity as share premium to cover the losses mainly due to bad situation of Impregilo International Infrastructures N.V.’s participations in Argentinian companies.
  • Impregilo International Infrastructures N.V. has made modifications to its articles of association and has increased the authorised share capital from Euro 9 million to Euro 100 million from which Euro 20 million is paid up.
  • Impregilo International Infrastructures N.V. issued 1 Tranche of Floating Rate Notes for Euro 75 million due in August 2004 with a coupon rate of 3 M Euribor + 2.2%. 
  • Impregilo International Infrastructures N.V. entered in an Interest rate SWAP contract with counter party Societe Generale for a period of 2 years in order to ensure a minimum interest payment.
  • Impregilo International Infrastructures N.V. acquires 60% Participation in Gricigano 3 S.R.L and 66.667 % in IMC St Davids Limited.
  • Impregilo International Infrastructures N.V. acquires participation in Consorcio Acqua Blu, Contarina SpA Fibe SpA and Fibe Campania SpA
  • Impregilo International Infrastructures N.V. acquires 20% stake in Rodoconsult Limited, Brazil and 100% participation of Impregilo Italia Concessioni SpA.
  • Like last year Impregilo International Infrastructures N.V. has provided further funding by way of current account to its Shareholder M/s Impregilo SpA for an amount of Euro 358.607 million 


 

2001 


  • Impregilo International Infrastructures N.V. purchased 4.75509% of Autopistas del Sol S.A. thereby increasing the participation from 26.944% to 31.7%.
  • Impregilo International Infrastructures N.V. further purchased 4% of Road Link (A69) Holding Limited for Euro 644k thereby increasing its total participation to 30.9%.
  • Impregilo International Infrastructures N.V. sold 5% of its participation in Autopistas del Sol S.A and recorded a gain of Euro 24.657 million.
  • Impregilo International Infrastructures N.V. purchased shares of Enecor S.A. Argentina for a consideration of Euro 4.07 million representing 30% participation in Enecor S.A.
  • Impregilo International Infrastructures N.V. issued Floating Rate Guaranteed Notes Tranche 2 for Euro 75 million with a coupon rate of 3 M Euribor + 2.45% due in November 2003.
  •  Impregilo International Infrastructures N.V. issued Fixed Rate Guaranteed Notes Tranche 1 for Euro 175 million with a coupon rate 6% due in November 2003.
  • Impregilo International Infrastructures N.V. issued Fixed Rate Guaranteed Notes Tranche 2 for Euro 50 million also due in November 2003 with a coupon rate of 6%.
  • Impregilo International Infrastructures N.V. sold its entire participation in Impregilo Parking (Dundee) Limited for a consideration of Euro 5.405 million, recording a gain of Euro 3.314 million.
  • Impregilo International Infrastructures N.V. has granted a loan to its Shareholder M/s Impregilo SpA and has provided funding of current account for a total amount of Euro 441.5 million.
  • Impregilo International Infrastructures N.V.’s investments in Argentina started suffering due to Economic Emergency Law in Argentina and started re negotiating the concessions contracts.


 

2000 


  • Impregilo International Infrastructures N.V. issued Euro 200 million Floating Rate Guaranteed Notes, due in June 2005. It has a coupon rate of 6M Euribor +1.15%.
  • Impregilo International Infrastructures N.V. purchased further shares in Road Link (A69) Holding Limited. Thereby increasing its participation from 18.8% to 26.9%.
  • Impregilo International Infrastructures N.V. purchased 18.667% shares of Yacylec S.A. for a total consideration of approx 9 million Euros.
  • Impregilo International Infrastructures N.V. also purchased 26.944% of Autopistas del Sol for a total consideration of Euro 55.854 million.


 

1999


  • Impregilo International Infrastructures N.V. is incorporated has an authorised share capital of Euro 9 million with a notarial deed, with its corporate seat in Amsterdam (The Netherlands). It is a wholly owned subsidiary of Impregilo SpA, Milan (Italy), of which Euro 1.8 million is fully paid up.
  • Impregilo International Infrastructures N.V. purchased shares in Road Link (A69) Holding Limited for Euro 3.2 million and Impregilo Parking (Dundee) Limited for Euro 2 million.